As gold prices touched lifetime high on Tuesday, veteran banker Uday Kotak weighed in on the precious metal's long-term performance—this time, with a nod to the eternal Indian saver, the Indian housewife.
The Indian housewife is the "smartest fund manager in the world", he said in a post on X, adding that governments and economists pushing high deficit spending might learn a thing or two from India, "a net importer of store of value forever!"
Kotak's remark came as gold hit Rs 99,170 per 10 grams in India at 10:53 a.m., according to the India Bullion Association. Regional prices weren't far behind; Rs 98,810 in New Delhi, Rs 98,990 in Mumbai, Rs 98,850 in Kolkata, and Rs 99,060 in Bengaluru. Chennai remained the most expensive market, with gold trading at Rs 99,270.
The performance of gold over time highlights that the Indian housewife is the smartest fund manager in the world. Governments, central banks, economists, who support pump priming, high deficit funding, may need to take a leaf from India, a net importer of store of value forever!
The surge in bullion prices sent jewellery stocks into rally mode. Senco Gold Ltd. and Sky Gold Ltd. both hit their 5% upper circuits. Thangamayil Jewellery Ltd. shares rose 4.45%.
While, Kalyan Jewellers India Ltd., PN Gadgil Jewellers Ltd., and PC Jeweller Ltd. gained 0.73% and 0.66%, respectively.
PN Gadgil Ltd.'s share price bucked the trend to trade 0.13% lower at Rs 549 as of 10:59 a.m.
Globally, gold jumped above $3,486 an ounce for the first time after a 2.9% rally on Monday. Safe-haven demand has spiked, with investors reacting to tensions between US President Donald Trump and Federal Reserve Chair Jerome Powell, a sliding dollar, and broader macro uncertainty.
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